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Existing home sales in the U.S. fell in April as higher mortgage rates and home prices continue to hamper the market, Reuters reports.
Sales declined 1.9% last month to 4.14 million units, the National Association of Realtors announced Wednesday.
It was the second straight month that sales declined, with the South seeing a 1.6% drop. The average rate on the popular 30-year fixed-rate mortgage has struggled to break below 7% after surging to more than a five-month high of 7.22% in early May, data from mortgage finance agency Freddie Mac shows.
Housing inventory increased 9% to 1.21 million units in April, while supply jumped 16.3% from 2023. The median sale price increased 5.7% from last year to $407,600, the highest price ever for April.
The nationwide trend is reflected in the Capital Region. Pending and closed sales dropped 5.4% and 1.6%, respectively, in the Baton Rouge area, according to the latest report from the Greater Baton Rouge Association of Realtors. The GBRAR reports statistics from Ascension, East Baton Rouge and Livingston parishes.
Inventory in the three parishes climbed 23.4% relative to April 2023, and the number of days houses stayed on the market increased 26.3%. New listings increased 5.9%.
